This is an important week for the New York market marked by earnings reports in general, with about 30% of the companies in the S&P 500 scheduled to say how much they earned during the first three months of the year.
Wall Street advances this Monday after his bad streak that lasted three weeks. The S&P 500 rises 0.5%. The Dow Jones Industrial Average rose by 191 points, or 0.5%, and the Nasdaq Composite by 0.6%.
What began this Monday is an important week for the New York market marked by earnings reports in general, with approximately 30% of companies in the S&P 500 scheduled to say how much they earned during the first three months of the year. That includes several companies that have become known as part of the “Magnificent Seven,” in addition to Tesla. This handful of companies were responsible for most of the S&P 500’s big gains last year, raising the bar for expectations to justify their stock prices.
Verizon Communications gave opened the filing week with a drop in earnings that wasn’t as bad as analysts expected. It cited price increases and other measures to support its income.
Wall Street and the Fed
Top Federal Reserve officials warned last week that they may need to keep interest rates high for some time to ensure high inflation heads toward its 2% goal. That was a big disappointment for financial markets, stifling hopes that had been built after the Fed earlier signaled there could be three cuts this year.
Lower rates had appeared to be on the horizon after inflation cooled sharply last year. But a series of reports this year showing that inflation has remained higher than expected has raised concerns about stalling progress.
Concerns about sustained inflation are one reason Stifel strategists are recommending caution. In overseas markets, shares rose 1.8% in Hong Kong but fell 0.7% in Shanghai after the People’s Bank of China left its 1-year and 5-year core lending rates unchanged.
China’s central bank is waiting to see if more stimulus is needed after the economy expanded at a faster-than-expected pace in the first three months of the year, according to analysts.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
